Q32 Bio (NASDAQ:QTTB) Trading Down 0.9% – Here’s Why

Q32 Bio Inc. (NASDAQ:QTTB)’s share price dropped 0.9% during trading on Thursday . The company traded as low as $26.14 and last traded at $27.04. Approximately 167,998 shares were traded during trading, an increase of 139% from the average daily volume of 70,286 shares. The stock had previously closed at $27.28.

Analyst Ratings Changes

QTTB has been the subject of a number of research analyst reports. Raymond James assumed coverage on Q32 Bio in a report on Thursday, October 24th. They set a “strong-buy” rating and a $90.00 target price for the company. Wells Fargo & Company started coverage on Q32 Bio in a research note on Wednesday, September 11th. They set an “overweight” rating and a $95.00 target price for the company. Five equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Q32 Bio presently has an average rating of “Buy” and an average target price of $72.33.

Q32 Bio Stock Performance

The company has a market cap of $329.35 million, a price-to-earnings ratio of -1.90 and a beta of -0.32. The firm has a 50-day simple moving average of $44.37 and a 200 day simple moving average of $34.89. The company has a quick ratio of 6.53, a current ratio of 6.53 and a debt-to-equity ratio of 0.61.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. FMR LLC increased its holdings in shares of Q32 Bio by 137.3% in the third quarter. FMR LLC now owns 426,302 shares of the company’s stock valued at $19,022,000 after purchasing an additional 246,664 shares during the period. ARCH Venture Management LLC purchased a new stake in shares of Q32 Bio in the first quarter valued at $5,461,000. Eventide Asset Management LLC purchased a new stake in shares of Q32 Bio in the third quarter valued at $8,478,000. Harvard Management Co. Inc. purchased a new stake in shares of Q32 Bio in the second quarter valued at $2,925,000. Finally, Geode Capital Management LLC increased its stake in Q32 Bio by 22.4% in the third quarter. Geode Capital Management LLC now owns 131,768 shares of the company’s stock valued at $5,881,000 after purchasing an additional 24,114 shares during the last quarter. Institutional investors and hedge funds own 31.32% of the company’s stock.

About Q32 Bio

Q32 Bio Inc, a clinical-stage biotechnology company, develops biologic therapeutics to restore healthy immune balance in patients with autoimmune and inflammatory diseases driven by pathological immune dysfunction in the United States. Its lead product candidate is ADX-097, a humanized anti-C3d monoclonal antibody fusion protein to restore complement regulation, which has completed Phase I clinical trial for the treatment of renal and other complement-mediated diseases of high unmet need, including lupus nephritis, immunoglobulin A nephropathy, complement component 3 glomerulopathy, and anti-neutrophil cytoplasmic antibody-associated vasculitis.